You Need To Unlock GenAI’s Full Potential For Business Growth

You Need To Unlock Gen AI’s Full Potential For Business Growth

Forrester’s recent report insights reveal the pivotal role of Gen AI, from reshaping interactions to offering a roadmap for sustained competitive advantage.

Growth strategies that prioritize extracting value from customers are no longer effective. Instead, the key lies in maximizing value for both customers and buyers to generate value for the business. Brands need to propel growth by aligning crucial revenue-generating and technology functions around the concept of customer value.

In 2024, a year that demands bold exploration of the most influential technology since the internet—generative AI—will also witness other crucial dynamics. Economic uncertainty, declining employee engagement, and the introduction of a groundbreaking self-service developer portal are all on the horizon for the coming year.

According to Forrester, companies actively leveraging generative AI (genAI) to enhance experiences, offerings, and productivity are poised for significant growth, outpacing their competitors. 

The period from July to September 2023 witnessed a remarkable surge in enterprises transitioning from experimentation to expansion in implementing genAI, reaching an adoption rate of 71%, one of the fastest mass adoption rates for a new technology in the enterprise.

However, achieving success with genAI demands comprehensive enterprise support and the transformation of technology challenges, such as BYOAI and coherent nonsense, into opportunities. To unlock the full potential of genAI, leaders should:

  • Embed Trust in the GenAI Foundation: Establishing trust as an inherent element of the enterprise’s genAI foundation is crucial for sustained success. Companies that educate their employees and customers on the intricacies of privacy and security empower users to confidently and innovatively embrace this technology.
  • Focus on Practical, Measurable Use Cases: Concentrate on practical and measurable genAI use cases that involve augmenting or transforming existing products, services, or business processes. In initial prototypes, prioritize projects that are employee-facing or involve offline generation rather than real-time generation with a chatbot.
  • Invest in Continuous Upskilling: Successful genAI implementation requires ongoing upskilling for both employees and leaders. This encompasses technical skills and soft skills to transparently communicate the impact of genAI and foster understanding among employees.
  • Leverage Business Data for Differentiation: While foundational models are potent tools, they are accessible to everyone. To create a competitive edge, organizations should build genAI models and applications using their own business data.

Srividya Sridharan, VP and Group Research Director at Forrester, emphasized, “Generative AI has the power to be as impactful as some of the most transformative technologies of our time.” 

The widespread adoption of generative AI has reshaped customer and employee interactions and expectations, elevating AI initiatives from optional to foundational components of competitive roadmaps. Forrester’s research aims to guide business and technology leaders in utilizing genAI for a sustained competitive advantage.

Businesses will pivot around generative AI, utilizing it as the cornerstone to elevate, enable, and involve both employees and customers. Stay at the forefront by keeping abreast of Forrester’s dynamic analysis, unraveling the ways in which generative AI is set to revolutionize everything, from your business landscape to your individual role. Comprehend the associated risks and rewards to navigate this transformative technology effectively.